Rome, NY Mercedes Brien of Coldwell Banker Commercial Custom Realty and Jeffrey D’Amore, SIOR and James Dylan Furney, of Pyramid Brokerage Company executed a 10-year lease for a multi-building dispatch and maintenance facility in the Griffiss Business and Technology Park, 248 Otis St.
The property consists of three buildings, 58,535 s/f, on 10.84± acres, with parking for 300 buses and 200 cars. The tenant, the New York State Canal Corp. (NYSCC), is a public-benefit corporation responsible for the oversight, administration, and maintenance of the New York State canal system.
Coldwell Banker Commercial Custom Realty, the local affiliate of Coldwell Banker Commercial, provides commercial real estate solutions of all property types.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,